The Pensions Administration Standards Association (PASA), the Pensions and Lifetime Savings Association (PLSA) and the Society of Pension Professionals (SPP) have joined the cross-industry group on improving pension transfers and re-registration.
Last December, the group published a consultation paper outlining proposals to improve the process of transferring pension and investment assets.
These include: the creation of clear service expectations for transfers and re-registrations, including a 48 hour standard for completing each step in the process; the collection of high level management information and a common reporting methodology for all transfers and re-registration instructions; the creation of a forum to identify, prioritise and implement solutions that resolve unnecessary barriers to transfer and re-registration processes; the development of common industry standards and good practice guidelines for the retail investment and pensions industry and the establishment of an independent governance and oversight body to oversee the implementation of the final proposals.
The newly expanded group has undertaken analysis of the responses to the consultation submissions, and is in discussion with government and regulatory stakeholders on the next steps.
These include developing a governance framework for the introduction of standard transfer times across a spectrum of financial transfers.
Chairman of the group, Tom McPhail, who is also head of policy at Hargreaves Lansdown, said: “The average worker in the UK now has 11 employers during their working life.
"This means they may be transferring a number of times between different products, or consolidating from a number of different types of products. They are also increasingly likely to want to manage their own savings and investments up to and beyond their retirement.
"For this reason, it is essential this important industry initiative includes occupational pensions, while recognising the different concerns and legal requirements facing trustees and administrators.
"The participation of this broad coalition of industry trade bodies and groups is a reflection of the importance and value of this work.”
The Pensions Administration Standards Association (PASA), the Pensions and Lifetime Savings Association (PLSA) and the Society of Pension Professionals (SPP) are joining the following industry associations in contributing to this initiative: The Association of British Insurers (ABI), The Association of Member Directed Pension Schemes (AMPS), The British Bankers’ Association (BBA), The Investment Association (IA), Personal Investment Management & Financial Advice Association (Pimfa), the Tax Incentivised Savings Association (Tisa), and the UK Platform Group (UKPG).
